Business
Proposed Placing and Open Offer
Proposed Placing and Open Offer.
About this update from Volex Plc
[{"type":"text","content":"\n \nRNS Number : 4490J Volex PLC 12 June 2014 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA AND SHOULD NOT BE DISTRIBUTED IN, FORWARDED TO OR TRANSMITTED INTO THOSE COUNTRIES OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL SECURITIES LAWS OR REGULATIONS. \nTHIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. NOTHING IN THIS ANNOUNCEMENT SHALL CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES REFERRED TO HEREIN NOR SHOULD IT FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR COMMITMENT WHATSOEVER. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THE SUMMARY.\n12 June 2014\n \nVOLEX PLC\n \nProposed Placing & Open Offer of 24,067,171 new ordinary shares (\"New Shares\") at 75 pence each to raise approximately £18.1 million (US$30.3 million) (the \"Placing & Open Offer\")\n \nThe Board of Volex plc (\"Volex\" or the \"Group\"), a global provider of power and data cabling solutions, announces today that it is proposing to raise gross proceeds of approximately £18.1 million (US$30.3 million) by the issue of 24,067,171 New Shares through the Placing & Open Offer at 75 pence per New Share. This, in conjunction with an amended and extended US$45.0 million committed bank facility also announced today, is expected to provide a stronger platform for the continued progress of the Volex Transformation Plan. \n \nHighlights\n \n· Intention to raise gross proceeds of approximately £18.1 million (US$30.3 million)\n \n· Prepayment of US$25.0 million to reduce the existing bank facility to US$45.0 million, and to extend maturity to June 2017 \n \n· Supported by the Group's largest shareholder NR Holdings Limited which is taking up its entitlement under the Open Offer in full\n \n· Expected to provide a stronger platform for the continued progress of the Volex Transform...